Dil Seçimi EN / TR
Digital Museum
  • Art Insurance
    History and Scope
  • Consulting Services
    Offered by
    Insurance Companies
  • Important Points
    during The
    Insurance Process
  • Appraisal / Valuation Services
  • Art Insurance
    History and Scope
  • Consulting Services
    Offered by
    Insurance Companies
  • Important Points during
    The Insurance Process
  • Appraisal / Valuation Services

What You Need to Know

Art Insurance

History and Scope

Art Insurance

History and Scope

As a result of the growing public and economic interest in art in Turkey, art insurance business developed as well. The increasing volume of art events and their more international aspect, in addition to the increasing production of artworks and busy schedule of activities brings about the artworks’ transport, conservation, storage and packaging. At the point where the traditional policy types could no more meet the requirements, it is observed that art insurance became a growing and developing field in late 70s in Europe and in early 1990s in Turkey.

The accumulation of capital in the world in 1980s also caused the investors to explore alternative fields, among which art investment became one of the leading ones. In Turkey, on the other hand, this period came in the beginning of 1990s. Art investment both contributes to a country’s cultural heritage and its artistic development. Thus art insurance is distinguished from other types of insurance with its responsibility towards the authenticity and uniqueness of the art object.

In all ages, the collector has been the person telling his own story through the objects he is interested in collecting. Every collection is a national cultural heritage.

This is the reason the scope of art insurance must cover all the aspects of an artwork’s existence. As mentioned above, the protection of an art object, its transport, storage, conservation and restoration are only some of them.

Another important aspect of art insurance is its role in the development of international cultural relations. This is due to the fact that artists, collectors and museums cannot send their collections to another institution in another country without an insurance policy.

An artwork’s value assessment is the key step in art insurance. If the established value is above the real one, the premium can increase unnecessarily, while if it is below the real value, it may risk insufficient coverage.

In general terms, art insurance aims at protecting cultural values and takes the burden of high value risk off the collectors’ shoulders.

Consulting Services Offered by
Insurance Companies

The main purpose of art insurance is to protect the artworks. Therefore, risk management is key. The risks the artworks may be exposed to at their primary location are first assessed and then the client is offered a set of recommendations to eliminate or minimize them.

• The premium decreases as the proposed conditions are met and the risk diminishes.

• Information on the right conditions of storage and transport are provided (lighting, hygiene, humidity, etc.)

A good market assessment and knowledge in addition to the location of an artwork are crucial in establishing the level of the insurance premium.

Important Points during
The Insurance Process

Expertise (can be a person appointed by the insurance company or established by the company and the client in mutual agreement)

• Artwork value (based on type, artist, dimensions, etc.)
• Artwork documentation
• Documents and research on the artwork’s authenticity and legitimacy
• Documentation of previous incidents
• Future value projection (an artist or a collection with a rising value, etc.)

It is advantageous that your insurance provider has some staff members who are art historians.

Artworks are generally insured under all-risk policies.

The content of the “All risk” policy may differ from company to company; but it generally covers:

• Fire, theft, earthquake, flood
• Artwork being broken, scratched or smashed
• Contact with water or other risky substance
• Transport and circulation in between addresses
• Damages during art fairs and exhibitions
• Restoration/conservation costs abroad
• Partial compensation for the loss of value caused by any of the damages specified above

Various types of insurance policies exist for different collections:

• Individual collection
• Exhibitions and galleries
• Artworks in museums of historic buildings
• Companies and foundations

Special Coverages Additional to All Risk

• Strike,
• Accountabilities
• Security abuse,
• Terrorism
• Involuntary transaction of forged properties
• Involuntary transaction of stolen properties

Appraisal / Valuation Services

Auction houses provide free consultancy services for you to get valuation of all kinds of old objects, antiques or artworks you have, ranging from everyday objects like cutlery sets to personal items like jewellery and books or furniture.

Auction houses not only provide consultancy on the value or authenticity of the items, but also serve as an intermediary to help your object or artwork in question reach its prospective buyers by providing the necessary guidance.

This service is conducted within a secure system open to the public and in a “transparent manner”, whose necessary legal procedures are guaranteed by contracts at all stages from the seller until it reaches the buyer.

Every auction house declares the themes and times of the auctions it will conduct and opens an "item admission" period for each of them. All the items that are catalogued and recorded before the auction, are presented to the potential buyers with the auction (bidding) method, and the participation as an observer is open to anyone.

You can obtain free consultancy services on your antique objects or artworks in the item admission periods by submitting all information and photographs on the piece via email, by bringing it to the auction house offices or on the spot. It will be evaluated by a team of experts trained in their fields and specialized in the market and valued (appraisal), who will get back to you in a short period of time. The auction house might also obtain opinion-appraisal from institutions and individuals like academics and museum experts, who are more difficult to access individually.

The material value of your artwork or antique object is determined by its artistic features depicting its period, its age, its rarity and its condition. An object bearing these features may be classified as a “collectible item”. Pricing is again determinded by the figure offered by the auction house within the scope of market data.

In the event that you accept the conditions, you will be asked to hand over the piece to the auction house for the catalogue work. You can submit your antique or artwork upon signing a contract indicating firstly your financial rights as well as the commission rates, organization and delivery conditions. As the piece is received under insurance, in case that the piece is damaged or stolen, the reimbursement of your losses is guaranteed.

If no buyer offers to pay the listed price in the auction, no fees or insurance cost are demanded from the owner of the piece and the piece is returned to you.

Large Auction Houses

Antik A.Ş.

Antik A.Ş. established in 1981, is significant as the institution that initiated auctioning at a professional standard. Antik A.Ş. standing out in the market for all kinds of antique objects, modern and contemporary artwork, works in an upper-value range extending from classical cars to valuable wines, from rare watches to jewellery and from Qurans to Ottoman pieces.


Beyaz Art

Beyaz Art, one of the important auction houses of recent years, has a more distinct line of work with its expert portfolio comprised exclusively of modern and contemporary artworks. It also organizes “private collection auctions” where they offer a complete collection consisting of mixed works for sale.


Portakal Art House

Portakal Art House, shaped by a tradition of four generations since 1914, has an expertise on a wide variety of areas ranging from classic and modern paintings to calligraphy, from antique furniture to porcelain objects, from İznik ceramic tiles to silverware, from tombacs to valuable metal sets, from Beykoz glassware to textiles like carpets and rugs.


Alif Art

The institution provides expertise in a wide variety of areas like classic and contemporary Turkish paintings, Orientalist paintings, Turkish calligraphic art, gravure prints, old manuscripts, miniatures, tombacs, glass art, Ottoman, European, Chinese and Far East porcelain, ceramic, metal, textiles, furniture, Ottoman tughra silverware, European and Russian silverware, İznik, Tophâne, Kütahya, Çanakkale, Edirnekâri, jewellery and bejewelled gold pieces.


Sancak Auction

The 25 year-old auction house is specialized in private collections as well as Ottoman, modern, contemporary and mixed artworks.

There are also auction houses serving at more accessible price points;

Nişantaşı Auction

Wide ranging objects like pieces from the Ottoman Period, Tophane and Beykoz glassware, Yıldız porcelain, tughra silverware, Quran manuscripts, European and Far Eastern porcelain, French and English furniture, bronze and marble sculpture can be found here.


Art Point

Art Point provides online services with a portfolio of modern and contemporary paintings, sculpture and ceramic works by Turkish and Foreign artists at more accessible prices. Offers are made online for the auctions until the final sales date.


Ares Auction

Contemporary and classic paintings, Ottoman and European silverware, all kinds of furniture belonging to the classic category, sculpture, objects and jewellery, calligraphic artworks, manuscripts, Qurans, carpets and textiles are within the specialized portfolio of the institution.

 Teb Ozel Digital Museum UP